U.S. Tax Filing Deadline Postponed to May 17, 2021
It's been a wild 12 months so this is no surprise. The Federal tax deadline was extended by several months in 2020, for 2021, the filing deadline has been postponed to Monday, May 17.
According to the IRS, they want to give taxpayers additional time to try and figure out their taxes and filings during unusual pandemic circumstances. A lot of people are dealing with unemployment and so many different difficulties caused by the pandemic, that the IRS felt an extra month would help some Americans out.
If you wind up owing taxes, your payment deadline is also extended to May 17, but if you need a further extension, you can request an October 15 deadline by filing Federal Form 4868.
As of today, March 17, the Montana Department of Revenue website still lists April 15th as the state tax deadline, however, I'd be willing to bet that Governor Gianforte follows the federal lead and extends Montana's state tax filing deadline as well. The request for extension date is the same though, October 15.
According to an article we recently published, Montana has the third lowest tax rate in the country. Jill Gonzalez, an analyst with the financial website Wallet Hub provided details from her website’s research.
“This is good news,” said Gonzalez. “Right now in Montana, we're seeing the third lowest tax rate in the country, and that's a combination of things. That's not just property taxes or sales taxes. It's all of those mixed into one, and that's why Montana does so well. Right now the total effective state and local tax rate is around 7 percent, so for the average person in Montana, that's around $4,300 per year.” You can see Montana's rankings when it comes to taxes in the U.S. and our full article here.